The Hindu Business Line : Birla-Lodha case: CLB reserves order on shareholding pattern

THE Company Law Board (CLB) has reserved its order on the application moved by a section of minority shareholders of Birla Corporation Ltd seeking probe into the shareholding pattern of the promoters.

The CLB's Principal Bench, constituted by Mr S. Balasubramanian, reserved its order after hearing both the parties. The Bench posted for hearing on March 17, the other petition alleging oppression and mismanagement.

The CLB proposes to release both the orders together. Taking the Birla-Lodha courtroom drama to the CLB, a section of the minority shareholders had filed two petitions. In one they sought an investigation into the shareholding pattern of the promoters and in the other appealed against what they called "oppression and mismanagement'' by the current management.

Birla Corporation and others, the respondents, alleged that the petition seeking probe into the shareholding pattern was motivated. Besides, it has not been denied in petitioners' rejoinder. They also pointed out that such an investigation was required only if there was apprehension of involvement of suspect entities in a company's financial affairs, which is not the case here.

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